SB 23-196 Summary

• Extends the income tax credit for retrofitting residences to increase visitability from January 1, 2024 to January 1, 2029, with the credit program repealing on December 31, 2041 instead of December 31, 2028.

• Allows qualified individuals to claim a credit equal to the cost of retrofit or $5,000 per residence (whichever is less), with additional $5,000 credits available per dependent requiring the retrofit.

• Increases the carryforward period for unused credits from five years to eight years, allowing taxpayers more time to apply excess credits against future tax liability.

• Requires the Division of Housing to annually report to the Department of Revenue on taxpayers receiving credit certificates through January 1, 2029 to enable measurement of the credit's effectiveness.

• Establishes a tax preference performance statement requiring the General Assembly to evaluate the credit's success in making residence retrofitting for health, welfare, and safety reasons more affordable.